Emaar Properties to manage its first hotel in Saudi Arabia

A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016.
Image for illustrative purposes.

REUTERS/Ahmed Jadallah

Sunday, Jun 18, 2017

Dubai: Emaar Properties said on Sunday its unit Emaar Hospitality will manage its first hotel in Saudi Arabia.

“We would like to clarify that entering into [a] hotel management agreement is in the normal course of business [for] Emaar Hospitality,” Emaar Properties said in a statement posted on Dubai Financial Market’s website. The agreement is not expected to have a material impact on Emaar Properties’ financials, the company said.

Emaar Properties shares fell 0.88 per cent to close at Dh7.93 in a weak Dubai market.